CNBC Business News Update - Market Midday: Stocks Lower, S&P 500 Index Ticked Higher Briefly Hitting New Intraday All Time High, Microsoft Explores Voluntary Employee Buyout 4/23/26

Episode Date: April 23, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Ettinger, CNBC, Wall Street, trying to build on yesterday's record highs after a morning in the red. And in fact, the S&P 500 index did tick higher, hitting an intraday all-time high today. Now the major averages are back in the red. The Dow down 100 points. IBM shares leaving it lower. They're down 9%. Salesforce down almost 9%. The S&P 500 index is now down 7 points.

The NASDAQ down 87 points, and VITA shares are down about a half a percent. Companies whose shares have hit fresh all-time highs today include Casey's General Stores, Caterpillar Cummins, CSX, Snap-On, Applied Materials, AMD, analog devices, and Broadcom. The market is looking through the noise that we're seeing with the situation in Iran. And, of course, as long as the Strait of Hermuz remains in a blockade situation, markets are going to be looking at that a bit negatively, a bit of a drive. out today. But if you look through that and look at the firepower of earnings, particularly from the tech sector, the Magnificent Seven and others, it's a very powerful tailwind that we're seeing for markets. That's Round Hills Dave Mazza on CNBC. The Iran War has turned into a naval standoff over the Strait of Hormuz after both the U.S. and Iran see ships trying to pass. President Trump

ordering the U.S. Navy to shoot and kill any boat trying to lay mines in the strait. U.S. crude oil up to $94 a barrel this afternoon. AAA says prices at the pump went up one cent on average in the U.S. overnight to $4.3 for a gallon of regular. Microsoft trying to trim its workforce and is planning its first voluntary employee buyout in the company's 51 year history to see how many workers decide to leave on their own. President Trump, with some disappointing approval numbers in the newest CNN. NBC All-America survey. Here's CNBC senior economics reporter, Steve Leesman. President Trump's overall in economic approval ratings plunging in the latest CNBC All-America economic survey. What appears to be direct fallout from widespread dissatisfaction with the war with Iran, high gas prices, and negative views of the economy.

58% disapproving for a minus 18 net. That's the most underwater President Trump has been for either of his two terms. On his handling of economy, similarly bad numbers, 39% approving. 50% disproving. That's a negative 21 net approval rating. More people applied for unemployment benefits last week than expected, but the number is still tame. American Airlines has joined others in cutting its full year earnings forecast with the surge in jet fuel prices. Southwest Airlines also said something similar today, but Southwest CEO Bob Jordan tells CNBC their cutting capacity, trying not to fly routes with only half full planes and raising ticket prices and customers. are paying.

You can't do one thing about fuel. At some point, I'm sure it will abate. But we are completely focused on what we can control, controlling our costs, taking out capacity that is lower margin redeploying into places that have higher margins. Fuel is certainly a factor. It's really impacting the results, but it's a distraction. There's nothing we can do about it. And if you think about recovery from fuel, there's been a lot of discussion of fares and how much

can we recover. The fair environment is really constructive. I mean, certainly fares are moving right now. The Trump administration reclassifying cannabis in a major shift that could expand scientific research. Watch cannabis company shares today. Jessica Eddinger, CNBC. Get your ticket to CNBC Pro Live. Redefine financial success with strategies from some of CNBC's top wealth advisors.

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